Overview
What is Wellspring Bridge Apartments?
Wellspring Bridge Apartments is a nonprofit organization situated in Louisville, Kentucky. Its primary mission is to provide affordable housing for eight individuals battling mental illness. This housing initiative aims to provide them with a safe and supportive living environment, enabling them to manage their health and improve their quality of life. The organization's focus is on ensuring that these individuals have access to a stable home, which is a fundamental need for overall well-being and recovery.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92%, Four-Star out of Four Stars
Wellspring Bridge Apartments has achieved an impressive Four-Star rating from Charity Navigator, indicating a strong commitment to accountability and transparency in its operations. The rating is based entirely on its Accountability & Finance score, showcasing the organization’s effective management practices and financial health. The charity's commitment to maintaining a majority independent board ensures unbiased governance, receiving full points for having all ten members independent.
The organization has demonstrated robust financial practices, reflected in its low liabilities to assets ratio of 11.41%, which highlights financial stability. Additionally, it has a program expense ratio of 68.19%, indicating that a significant portion of its expenditures is directed towards its programs. Wellspring Bridge Apartments has also established comprehensive policies, such as conflict of interest and whistleblower policies, earning maximum points in these areas.
While the organization excels in financial accountability and governance, it is essential to recognize that the rating is based solely on these aspects. Future evaluations could benefit from a broader assessment that includes program impact and community feedback to provide a more holistic view of its effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Wellspring Bridge Apartments legitimate?
Wellspring Bridge Apartments is a legitimate nonprofit organization registered as a 501(c)(3) entity. Wellspring Bridge Apartments submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Wellspring Bridge Apartments?
The Wellspring Bridge Apartments are committed to providing affordable housing for eight individuals battling mental illness. Their mission is centered around offering a sanctuary where these individuals can reside, aiming to improve their quality of life. The apartments serve as a supportive environment, allowing these individuals to live with dignity and independence. By offering affordable housing, the Wellspring Bridge Apartments aim to alleviate some of the stresses associated with managing mental illness and housing costs. The apartments are not just a place to live, but a community that fosters understanding, empathy, and care for its residents.
Who is the CEO of Wellspring Bridge Apartments?
Katharine Dobbins is the Director of Wellspring Bridge Apartments. The CEO's salary of Wellspring Bridge Apartments is $0 and their total compensation is $134,590.
What is the revenue of Wellspring Bridge Apartments?
Wellspring Bridge Apartments's revenue in 2022 was $48,706.
Who are the executives of Wellspring Bridge Apartments and what are their salaries?
Here are 6 key members and their salaries (Wellspring Bridge Apartments's CEO's salary is $0 and their total compensation is $134,590):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $127,052
- Other: $7,538
- Compensation: $0
- Related: $104,121
- Other: $1,604
Where can I find the form 990 for Wellspring Bridge Apartments?
Wellspring Bridge Apartments's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Wellspring Bridge Apartments
Wellspring Bridge Apartments is a nonprofit organization committed to providing affordable housing for eight individuals who are grappling with mental illness. Their mission is centered around creating a living space that caters specifically to this population, offering them a secure and supportive environment. By offering affordable housing, Wellspring Bridge Apartments aims to alleviate some of the challenges related to housing that many individuals with mental illness often face, thereby enabling them to focus on their recovery and overall well-being.
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Impact
August, 2024
Wellspring Bridge Apartments has a significant impact on the community by providing affordable housing for eight men and women with mental illness in Louisville, KY. By offering a stable and supportive living environment, this organization helps individuals who may otherwise struggle to find safe and suitable housing. This, in turn, contributes to improving their overall well-being and quality of life. Wellspring Bridge Apartments plays a crucial role in addressing the housing needs of individuals with mental illness and promotes social inclusion and stability for its residents.
This information is meant to be a general summary of Wellspring Bridge Apartments. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $4
- Program Service Revenue: $48,676
- Gross Receipts: $48,706
Assets and Liabilities:
- Total Assets: $719,471
- Total Liabilities: $63,927
- Net Assets: $655,544
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
HOUSING
Revenue
$48,676
Organization Details
Founding Year
2008
Phone
(502) 637-4361Principal Officer
Katharine Dobbins
Main Address
PO BOX 1927, LOUISVILLE, KY, 40201
NTEE Category
Code: L21 - Housing
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